UOB trade ideas for forex traders-15th November


United Overseas Bank (UOB) shares its trade ideas for Forex traders, with the USA Presidential election  over. Is December rate hike still on? USD bulls in control? 

15th November, AtoZForex – Trade ideas for forex traders shared by UOB on the AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY pairs.

AUDUSD: Target of 0.7740-45 – Bearish bias

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The AUD outlook changed to bearish yesterday with target at 0.7440-0.7445.  UOB added:

“… There is no change to the view even though oversold short-term conditions could lead to a few day of consolidation (before further attempts lower can be expected). ”

EURUSD:   Next target to 1.0640 – Bearish bias

EUR bias shifted to bearish with immediate target of 1.0710 met. The downside was unexpectedly sharp and traders can expect couple of days of sideways price action before further downside move provided 1.0870 level remains intact. UOB added:

“…another leg lower towards the next major support at 1.0640 (weekly trend-line connecting the lows of 1.0455 and 1.0538) would not be surprising.”

Also see: Daily Free Forex Signals 

GBPUSD:  Over-extended, room for further move to 1.2770– Bullish bias 

 The GBP pull-back to the the high of 1.2673 is possible indication of further room to the upside to the 1.2770 resistance level.  1.2673 is acting as a strong short term resistance.  UOB added...

“…GBP has to reclaim this level within these few days or a break below 1.2400 would indicate that a short-term top is in place.”

NZDUSD: Oversold, room to move to 0.7035– Bearish bias

NZD bias shifted to bearish, however, this pair is seen to be oversold.  There is a possible further move to 0.7035 level.  UOB's view..

“... only a move back above 0.7230 would indicate that a short-term low is in place.”  

USDJPY: Traders take partial profits at 109.00 - Bullish bias

The USD bias remains bullish from last week and caught the market with surprise.  With overbought conditions in place, traders should be taking partial profits at or near the 109.00 resistance level.  UOB  added ....

“... Overall, the outlook for USD is deemed as bullish until 106.30 is taken out.”  

Think we missed something? Let us know in the comments section below.

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